FX.co ★ teagan.orn | #Bitcoin chart analysis

#Bitcoin

BTC/USD quotes continue to move within a descending channel and the beginning of a Triangle pattern. The moving averages indicate a short‑term bearish trend for Bitcoin. Prices have broken below the zone between the signal lines, which points to downside pressure from the “Digital Gold” bears and a possible continuation of the asset’s decline from current levels. As part of the cryptocurrency price forecast, we expect an attempt at a bullish correction in the price of the digital asset and a test of the resistance level around 59605. After that, we expect another drop and an attempt at a prolonged decline in the price of Bitcoin with a target below 54105. An additional signal supporting the decline in BTC/USD quotes will be a test of the resistance line on the Relative Strength Index. A second signal in favor of this scenario is a bounce from the lower boundary of the triangle reversal pattern. A strong rise in the asset’s price and a breakout of the 62065 area will cancel the downtrend in the coin’s rate and Bitcoin’s price. This would indicate a breakout of the resistance zone and a continued rise in Bitcoin’s price with a potential target at 70205. A breakout of the support zone and consolidation below 58205 will confirm the asset’s price decline. The BTC/USD forecast and analysis suggest an attempt to test the resistance level around 59605. A further decline in the cryptocurrency with a potential target at 54105 will be another signal in favor of a drop in Bitcoin’s price. A breakout of the 62065 area will cancel the downtrend in the digital currency, indicating a continuation of the coin’s rise with a potential target above 70205.